Why Aurora Cannabis, Canopy Growth, and HEXO Shares Are Jumping Today
Shares of Canopy Growth (NYSE: CGC) were jumping 15% higher as of 11:51 a.m. EST on Wednesday, with two of its peers also enjoying nice gains. Aurora Cannabis (NYSE: ACB) shares were also up 15%, while shares of HEXO (NYSE: HEXO) rose 8.8% after vaulting as much as 14.8% higher earlier in the day.
There were several reasons for the upward moves for these Canadian marijuana stocks. Bank of America analyst Christopher Carey upgraded Canopy Growth stock to a buy rating from a neutral rating. This upgrade appears to have had a halo effect to some extent on Canopy's peers, especially Aurora and HEXO. In addition, Aurora announced on Tuesday that 94% of the holders of its convertible debentures that mature in March 2020 have elected to accept the company's offer to convert the debt into stock.
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Source Fool.com
